Environmental Economics: The Three Pillars Of Sustainable Development

1257 Words6 Pages
The 1992 earth summit agreed on the concept of sustainable development as the base standing on the three pillars of economic viability, environmental sustainability, and social equity. However, the pillar of economic has always been stronger compared to the other two pillars. The emerging discipline of environmental economics helps to design a much better base by giving equal importance to all the three pillars. The subject of environmental economics seek to capture the essence of environment and the various services, and intends to offer many sensible way of dealing with changing conditions. The ecosystem services provide stream of goods and services which are very much important in the maintaining the economic prosperity and other aspects of human welfare. Goods typically refers the natural harvest such…show more content…
Irrespective of them being less tangible than material services, they are highly valued by people in all societies. Recreational facilities and tourism, aesthetic aspiration, inspiration, a sense of place and educational value are the diverse form of non-material services that people derive from ecosystems. Many traditional cultural practices have been linked to ecosystem services as they play important role in developing social capital and enhancing social well-being. The good functioning of ecosystem services ensures the well-being of its people in terms of their joy, conviviality and mutual help among each others. (Millennium Assessment Report, linking ecosystem services and human well-being) The capacity of human communities to form stable societies, to generate formal economies, and to plan for the future is underpinned by environmental stability, reliable supplies of natural materials, and the adequate functioning of the cleansing and recycling processes of nature. Thus all people and their societies are fundamentally dependent on ecosystem
Open Document